|
| |
Variations in Austin-area Market Health - 07/28/10 08:58 PM
Yesterday I wrote about the Austin/Central Texas markets for new homes and for existing homes:
New Home Sales -- U.S. and Austin/Central Texas
Austin/Central Texas Market Status -- Existing Homes
I commented about the general health of the Austin Metro real estate market, with an average of just 70 days on the market.
That average statistic hides huge variation, and Days On Market is just one measure of market velocity:
Note that in the overall market that averages 70 days on market, we have residential market segments ranging from 40 to 98 days on … (1 comments)
|
Austin and Texas -- strong employment picture - 07/28/10 07:28 PM
The U.S. Bureau of Labor Statistics released five-year private sector employment statistics this morning (Texas cities hold top four job-growth spots), and I was pleased to see that the Austin metro area ranked third -- gaining 56,100 private sector jobs from June 2005 to June 2010. Texas cities held all of the Top 4 places in this new report. The same report also showed that Austin ranked 1st nationally on one-year employment growth.
There is a lot to appreciate about this great city -- location, climate, culture, etc., etc., etc. I have been writing for a long time about … (0 comments)
|
Resale market conditions in Austin and Central Texas - 07/27/10 05:58 PM
Several days ago, the National Association of Realtors® reported the latest data about residential resales:
Existing-Home Sales Slow in June 2010 but Remain Above Year-Ago Levels
Typically, the Austin/Central Texas market is behaving differently. In this case, sales of existing homes in June 2010 were down compared to June 2009, even with the effect of the recently expired tax incentives for homebuyers. The good news is that last year was strong in Texas, relative to the news-making markets in California, Arizona, Nevada, Florida, and Michigan:
Of course, there is real reason for concern about the next three months … (0 comments)
|
U.S. and Austin -- trends in new home sales - 07/27/10 04:53 PM
From Associated Press today (as published by the Austin American-Statesman):
New home sales up, but sales remain slow
As noted in the article, one month does not make a trend, but a 24% increase in new home sales (nationwide) from May to June is good news for many, especially homebuilders with significant investments in the areas hit hardest by the recession. As I have pointed out many times, just 5 states have really driven most of the "national" real estate market news over the past two years -- Michigan (whose problems really began long before the mortgage meltdown and … (0 comments)
|
Austin Home Sales and Inventory - 07/21/10 08:17 PM
Today's Austin American-Statesman included an article about the state of our local real estate market:
Home sales slow, listings surge
The focus of the headline is on single family homes, and the growth of listing inventory this year:
I commented on the same trend on AustinMarketDashboard.com. The difference in my site and the data used by the American-Statesman is my inclusion of all residential properties rather than only single family homes.
There is no doubt that sellers' expectations for the summer selling season coupled with two rounds of homebuyer tax incentives which accelerated demand has left the Austin/Central Texas market … (0 comments)
|
Pricing To Sell - 07/19/10 10:09 PM
Real estate professionals are accustomed to talking with prospective home sellers about the market value of their homes. Many sellers are absolutely certain that their homes are unique, and are therefore worth more than all the "comparable" homes that have sold in their neighborhoods. Many also believe that a real estate agent's only objective is to underprice their property for a quick sale/commission. As a consequence, many sellers and Realtors® agree to "test the market" at a higher price than a market analysis suggests. After all, you can always reduce the price, right? You certainly can't increase it! This article offers … (1 comments)
|
Another Top 10 for Austin! - 07/18/10 04:24 PM
Travel+Leisure has released its ranking of America's Best Cities for Singles, and Austin appears in third place, behind New Orleans and Miami.
So what does our fair city have to offer? "... a legendary music scene, unbeatable Tex-Mex and barbecue restaurants, and locals who seem too good to be true."
The summary also includes a very good list of Things To Do in the Austin area. From Barton Springs Pool and Zilker Park to the largest urban colony of Mexican free-tail bats in North America (what a sight at dusk during summer!) and the 6th Street entertainment district, the writers covered something … (1 comments)
|
An optimistic investment in Austin-area growth - 07/07/10 05:56 PM
There was an important article in today's Austin American-Statesman:
Developer buys 1,200 lots in Leander
The developer featured in the article is Taylor Morrison Communities, who paid cash for 440 acres -- 1,200 lots -- in the Crystal Falls area in Leander. The sale closed on June 30. Clearly, this is a vote of confidence in the future of growth in the Austin area from this builder/developer, but I want to put it into a somewhat larger perspective.
I have written over the past several months about this subject. I also commented just a couple of weeks ago about the contrast … (0 comments)
|
New FHA MIP rate? - 07/06/10 10:46 AM
From RISMedia this morning:
FHA Reform Act and Annual Mortgage Premiums; What an Increase Means for Borrowers
This has passed the House now and is on the way to the Senate. Without getting into the reasons for the mortgage meltdown -- Fannie, Freddie, and FHA -- this is probably necessary to replenish FHA's mortgage insurance reserves.
Clearly, FHA has become the loan of choice for minimum down payment buyers over the past couple of years, but will it still be if MI rates triple?
PMI on Conventional loans has gotten so expensive this probably doesn't make FHA less competitive, but at … (1 comments)
|
Multiple offer situation -- oops! - 07/02/10 06:19 PM
I was reviewing TexasRealEstate.com earlier today and came across this article:
Offers vs. contracts
It's embarrassing to think that a licensed real estate allowed this confusion with a client. The short version:
Buyer-client and agent make offer for property; Negotiation reaches successful conclusion; Buyer's agent delivers earnest money to title company, expecting executed contract to be receipted later; Listing agent informs buyer's agent that seller has accepted another offer. Fair? Your call. Correct? Absolutely. Should the listing agent have told the buyer's agent that another offer was in play? Depends.
The listing agent's only obligations are to be honest with all … (5 comments)
|
Austin Market Variability -- location, location, location - 07/01/10 10:04 PM
In a previous post (Austin-area Market Variability - first in a series), I discussed variations in market behavior in the Austin metropolitan area, slicing the market only by home size. In this post I will discuss the importance of "location, location, location" as a vital factor in real estate.
Using "months of inventory" as a measure of market health, that earlier post showed a range from 4.4 months to 24.2 months. The "fastest" size ranges, and the ones with the most unit sales from March through June 2010, were below 2,500 square feet. I chose one of those for further … (0 comments)
|
Austin-area Market Variability - first in a series - 07/01/10 09:55 PM
My clients, and those who follow my blog, know that I often describe the real estate business as "hyper-local." I didn't invent that term, but it applies spectacularly in this industry.
Unlike cars and toasters, homes are products that can't be moved (in most cases). The value of a car isn't affected by the neighborhood where it is kept, assuming that it is maintained as well as a comparable vehicle in another neighborhood. If I can't find the bicycle I want in my own town, I can probably find it nearby, or on Craigslist or eBay. None of that is true … (0 comments)
|
FHA Loans -- A Great Option - 07/01/10 04:18 PM
I received this link today via email from Lowe's:
For Your Clients: 7 Things All Borrowers Should Know About FHA Loans
This is good summary information about what has become a very important mortgage loan product. A few years ago there were so many "creative" ways to get zero or low down payment conventional loans, and private mortage insurance was so inexpensive, that FHA loans were used less frequently. That is no longer the case.
I do have a few comments about points in that flyer:
Item #3 says that FHA loans can go as high as "almost $800,000," and that … (1 comments)
|
|
|
|
Bill Morris, ABR, CRS, CDPE, ePRO, MBA
Austin,
TX
More about me…
RE/MAX Capital City
Address: 13018 Research Blvd, Austin, TX, 78750
Office Phone: (512) 785-3345
Email Me
My Thoughts on Central Texas Real Estate
 Listings
Links
Archives
|
|
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.
;)
;)
;)
